biz 4th qrter exam: vocab

legislation

laws created by the government

craft union

labor union whose members perform the same kind of work

industrial union

labor union whose members perform different kinds of work in the same industry

strike

union orgznied work shortage designed to gain conservations for an employers

picket

demonstrates before a place of business to protest a company’s actions or policies

boycott

protest in the form of refusal to buy, including attempts to continue others to take theri business elsewhere.

lockout

management refusal to let employees work until company demands are met

company union

unions organized, supported, or run by employers.

Great Depression

worst period of economic decline in history

prohibited

prevented or forbade

right to work law

state law making it illegal to reason a worker to join a union

independent unions

labor unions not affiliated with the AFL - CLO or the change to win coalitions

closed shop

arrangement under which workers must join a union before they are hired

union shop

arrangement under which workers must koin a union after being hired

modified union shop

arrangement under whcih union workers have the option to join a union after being hired

agency shop

arrangmenet under which non union members must pay union dues

civilian labor force

non institutionalized part of the population aged 16 and over, either working or looking for a job.

wage route

prevailing pay scale for work performed in an occupation in a green area or reigon

market theory of wage determination

explanation stating that the supply and demand for workers skills and senses determine the wage or salary

equilibrium wage rate

wage rate leaving neither a surplus nor a shortage of workers in the market

seniority

length of the person has been on a job

signaling theory

theory that employers are willing to pay more for people with certificates, diplomas, degrees, and other indicates of superior ability

anticipate

to expect or be sure of in advance

grivenance procedure

provision in a contract out living the future disputes and grievances will be resolved

mediation

process of resolving a dispute by bringing in a neutral third party to help both sides reclaim a compromise

arbitration

agreement by two parties to place a dispute before a third party for a binding statement

fact finding

agreement between union and management to have a neutral third party collect facts about a dispute and present recomendations

theory of negotiated wages

states that the bargaining sntrehgth of organized labors is a factor that helps to determine wages

injunction

court order issued to present a company or union from taking or not taking action during a labor dispute

seizure

temporary government takeover of a company to keep it running during a labor management disupute

disorted

not truthfully represented

Trend

a pattern or general tendency

Giveback

wage, fringe, benefit, or work rule given up when renegotiating a contract

Two-tier wage system

wage scale paying newer workers a lower wage than others already on the job

Glass ceiling

seemingly invisible barrier hindering advancement of women and minorities in a white male-dominated organization

equivalent

equal in value

set-aside contract

guaranteed contract or portion of a contract reserves for a targeted group, usually a minority

minimum wage

lowest legal wage that can be paid to most workers

Current dollars

dollars amounts or prices that are not adjusted for inflation

real or constant dollars

dollar amounts of prices that have been adjusted for inflation

base year

year serving as a point of comparison for other years in a price index or other statistical measure.

federal reserve system

privately owned publicly controlled central bank of the united states

federal reserve notes

paper currency issued by the federal government that eventually replaced all other types of federal currency

barter economy

moneyless economy that relies on trade or barter

commodity money

money that has an alternatives as an economic good

fiat money

money by gobernment decree

revolution

an overthrow of government

spevie

money in the form of gold or silver coins

monetary unit

standard unit of currency in a country’s money supply; e.g: American dollar

medium of exchange

money or other substance generally accepted as payment for goods and services

measure of value

one of three functions of money that allows it to serve as a common denomination to measure value

M1

narrow definition of money supply conforming to money’s role as a medium of exchange

M2

broad definition of money supply conforming to money’s role as a medium of exchange and a store value

store of value

one of three functions of money allowing people to presserve value of future users

demand deposit

account whose funds can be removed from a bank or other financial instution by wriitng a check

clauses

a stipulation, usually a legal document

state bank

bank that receives its charter from the state in which it operates

legal tender

currency that must be accepted for payment by decree of the government

national bank

commercial bank chartered by the national banking system

national currency

currency backed by the government bonds and issued by commercial banks in the national banking system

initially

originally

gold certificates

paper currency backed by gold

silver certificates

paper currency backed and redeemed by silver.

gold standard

a system in which the basis unit of currency is equivalant to and can be exchanged for a specific amount of gold

federal deposit insurance corproation

the united states government instution that provides deposit insurance on depositor’s account

bank run

suddenly rush by depositors to withdraw all deposited funds, generall in anctipation of bank failure or closure

bank holiday

brief period during which all banks or depistiry instutions are closed to prevent bank runs

credit union

non profit service corproation that accepts deposits, makes loans, and provides other financial services

corporation

form of business organization reorganized by law as a seperate legal entity with all the rights nd responsibilites of an individual

products

things are sold

stock

certificate of ownership in a corporation

shareholder

person who owns a share or shares of a stock in a corproation

state charter bank

bank that recieves its charter from the state in which operates

reserve requirement

formula used to compute treatment of depository instutions requried services

certificates of reposit

receipt showing an investor has made an interest loan to a financial institution